Report of the Directors for the Penarth Ship Building & Ship Repairing Company, Limited during the year ended 31st December 1906. [001]

The Revenue Account - which shows a large decrease in the working, maintenance and expense cost of the slipway compared to the previous year 1905. However, the gross profits from work done on ships has increased significantly. A positive note in the accounts and one which the directors, I feel sure, will have highlighted to the shareholders.

The outdated gridiron accounts for only about 10% of the total income derived from ship repairing during the years 1905 and 1906.

The balance (Net Profit) is therefore £479 10s. 8d. for the year of 1906 which is a somewhat better result than in 1905 when there was a £775 loss on the revenue generated by ship repairing operations at the company. It is fair to surmise then that the shareholders did not get a dividend in the previous financial year also!